KeyBanc analyst Austin Wurschmidt raised his price target for Essex Property Trust to $320 from $311, while reiterating an Overweight rating on the shares. The analyst notes that management is projecting a supply pickup in the second half of 2019, but he expects stable to accelerating job growth across its West Coast markets, improving affordability, and potential construction delays position Essex Property Trust to manage through peak supply and continue to drive rents over the next 6-12 months. Wurschmidt views the company's implied NOI growth of 4% in the second half of the year as baseline, and the potential for upside from stable to accelerating top-line growth remains a potential positive catalyst.